Iraq’s oil exports to India reached new highs, confirming Iraq’s vital role in India’s growing energy market.
In 2024, Iraq sold over $29 billion worth of oil to India, according to recent trade figures.
Specifically, Iraq exported 52.28 million tons of oil. The total value of these exports reached $29.58 billion.
This marked a 15% growth over four years. Clearly, Iraq’s oil exports to India are on a strong upward trend.
Furthermore, these shipments covered about 20% of India’s total oil imports from all global suppliers.
This level of trade shows how important Iraq has become in India’s energy supply chain.
Crude oil made up most of the exports. It accounted for $28.6 billion of the total value.
In addition, refined petroleum and other byproducts added $1.77 billion to the trade volume.
Moreover, petroleum coke, bitumen, and liquefied petroleum gases contributed $223.5 million in extra trade.
As India’s demand for energy grows, Iraq continues to meet that demand with consistent oil supply.
Also, Iraq’s oil exports to India offer benefits to both countries. Iraq earns revenue, while India meets rising energy needs.
Meanwhile, Iraq’s strong trade ties with India help diversify its export markets beyond traditional buyers.
Because of stable supply and competitive prices, Iraq remains one of India’s top energy suppliers.
This partnership not only boosts economic ties but also strengthens regional cooperation between the two nations.
Additionally, Iraq’s oil exports to India support Baghdad’s long-term strategy to grow oil revenue streams.
Iraq’s ability to scale production while maintaining quality has helped secure India’s trust as a reliable exporter.
On the Indian side, securing steady oil from Iraq reduces risks linked to global oil market volatility.
Therefore, this strong trade relationship gives both countries economic stability and strategic energy cooperation.
Looking ahead, both nations may explore expanding this partnership into refining, infrastructure, or clean energy initiatives.
In conclusion, Iraq’s oil exports to India continue to grow, shaping a strong and vital economic bond.
As energy demands increase, Iraq and India seem ready to deepen their collaboration even further.